Seagate price target raised to $100 from $60 at Wedbush

Wedbush raised the firm’s price target on Seagate to $100 from $60 and keeps a Neutral rating on the shares. Conditions in the HDD industry played out largely as expected in Q4, and as such, the firm anticipates results will likely fall within the guided range. However, Wedbush believes the industry backdrop has improved entering C2024. Server demand appears to have lifted, with nearline shipments likely to accelerate in Q1. Moreover, given a shortage of high capacity drives, it appears that drivemakers have gained pricing leverage, and the firm is now anticipating price increases of up to mid-single digits.